In the debate that followed, it was argued that too high a percentage of the cost of running a pension scheme comprised investment fees and stock selection, rather than crucial issues such as strategy.

Greater transparency around costs is crucial to boosting pensions value for both employers and scheme members. The way things currently stand, there is so little (if any) information available around what costs include, that mandatory transparency could go a long way to creating greater value and boosting retirement outcomes for scheme members.

On 27 March, the government announced its intentions for tough new rules to ensure that all hidden transaction costs in pension schemes are published, and it will consider whether these should be included in the new 0.75% charging cap for workplace pensions.

But how long it will take for such a significant shift to happen remains to be seen.